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Bitcoin (BTC) Price Uptrend Intact: Bulls Sighting Fresh Increase
Bitcoin price started a downside correction below the $9,200 support against the US Dollar.The price tested the $8,950 support area and it is currently moving higher towards $9,200.There was a break above a declining channel with resistance at $9,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is showing positive signs and it could continue to rise if it breaks the $9,275 resistance.Bitcoin price is currently moving higher and likely completed a downside correction against the US Dollar. BTC must break $9,220 and $9,275 to continue higher in the near term.Bitcoin Price AnalysisAfter Looking at the chart, bitcoin price successfully held the $9,000 support area despite a couple of spikes. As long as the price is holding the $9,000 support and the $8,950 pivot, it could climb higher towards $9,400 and $9,500. Conversely, a downside break below $8,950 could put pressure on the bulls. The next key support is near the $8,740 level.Technical indicators:Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 50 level.Major Support Levels – $9,070 followed by $9,000.Major Resistance Levels – $9,220, $9,275 and $9,400.
Author: Aayush Jindal
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